Uber sells out to Grab

UBER HAS sold its Far East Asian cab and food operations to arch rival Grab.

The failure to expand into Asia comes after the Californian company quit China in 2016 and sold out to Didi Chuxing.

Grab is the Far East’s most popular ride-sharing company with millions of passengers across eight countries but commentators say the deal could lead to higher prices for customers.

Uber will receive a 27.5 per cent stake in Grab and chief executive Dara Khosrowshahi will take a seat on the board of the Singapore ride-share company.

The acquisition by Grab comes after Khosrowshahi admitted in November that Uber’s Asian operations were not going to be, “profitable anytime soon”. In an internal email, the Uber boss also admitted their global expansion plans were not going as expected: “We are taking on too many battles, across too many fronts with too many competitors.”